Postmedia Network Canada (PNC.A) F-4 Registration of securities (foreign)

Exhibit 12.1

Postmedia Network Canada Corp.

Computation of Ratio of Earnings to Fixed Charges

The ratio of earnings to fixed charges presented below should be read together with our consolidated financial statements and related notes and “Management’s Discussion and Analysis,” both contained in the accompanying Registration Statement.

($ in millions of Canadian Dollars, except ratios)	Combined Group		Canwest LP												Postmedia			Canwest LP		Postmedia			Postmedia
	Year ended August 31,		Year ended August 31,							Nine months ended May 31,		Period from June 1, 2010 to July 12,			Period from July 13, 2010 to August 31,			Six months ended February 28,					Pro forma year ended August 31,
	2006		2007		2008		2009			2010		2010			2010			2010		2011			2010
Computation of earnings
Income (loss) before taxes		123.6		180.7		128.0		(131.0	)		76.8		(3.3	)		(44.7	)		51.1		(6.7	)		28.0
Add: fixed charges from below		77.6		62.1		113.1		102.8			63.8		4.9			13.2			52.7		44.5			83.6
Add: amortization of capitalized interest		—		—		—		—			—		—			—			—		—			—
Add: distributed income of equity investees		—		—		—		—			—		—			—			—		—			—
Add: share of pre tax losses of equity investees		—		—		—		—			—		—			—			—		—			—
Less: interest capitalized		—		—		—		—			—		—			—			—		—			—
Less: preference security dividend requirements of subsidiaries		—		—		—		—			—		—			—			—		—			—
Less: non-controlling interest in pretax income of subsidiaries		—		—		—		—			—		—			—			—		—			—
Total Earnings (losses)		201.2		242.8		241.1		(28.2	)		140.6		1.6			(31.5	)		103.8		37.8			111.6
Computation of fixed charges
Interest - includes amortized discounts, premiums, etc.		74.3		58.8		109.2		98.4			60.6		4.5			12.7			50.5		42.5			79.5
Add: interest capitalized		—		—		—		—			—		—			—			—		—			—
Add: estimate of interest in rent expense		3.3		3.3		3.9		4.4			3.2		0.4			0.5			2.2		2.0			4.1
Add: preference security dividend requirements of subsidiaries		—		—		—		—			—		—			—			—		—			—
Total Fixed Charges		77.6		62.1		113.1		102.8			63.8		4.9			13.2			52.7		44.5			83.6
Ratio of Earnings to fixed charges		2.6x		3.9x		2.1x		—			2.2x		—			—			2.0x		—			1.3x
Deficiency of earnings to fixed charges		—		—		—		131.0			—		3.3			44.7			—		6.7			—

Computation of U.S. GAAP-derived Ratios Presented in Footnote 16 of “Selected Historical Financial and

Other Data” in the Accompanying Registration Statement

($ in millions of Canadian Dollars, except ratios)	Canwest LP
	Year ended August 31,		Year ended August 31,		Year ended August 31,
	2007		2008		2009
Income (loss) before taxes under U.S. GAAP		158.3		100.8		(85.5	)
Add: fixed charges		62.1		113.1		102.8
Total U.S. GAAP earnings (loss)		220.4		213.9		17.3
Ratio of earnings to fixed charges under U.S. GAAP		3.5x		1.9x		—
Deficiency of earnings to fixed charges		—		—		85.5